A Japanese retail company announced today that it had agreed to acquire upscale Culver City clothing brand Velvet. Terms of the deal were not disclosed.
The deal between Tokyo-based Adastria Co. and Velvet is still pending, according to Bloomberg.
No one was immediately available for comment at Velvet, which is known for its women’s brand, Velvet by Graham & Spencer.
Founded in 1997 by Chief Executive Henry Hirschowitz and his wife Jenny Graham, Velvet has eight retail stores in the United States, three of which are in Los Angeles, and one in London. The company also sells its clothes through department stores and wholesale, with showrooms across the country.
Adastria owns 21 brands and generated revenue of $1.8 billion last year, according to the company.
Velvet is the Japanese company’s second U.S. acquisition. It acquired a minority stake in San Francisco apparel company Marine Layer Inc. last April.
Caroline Anderson covers retail, restaurants, and hospitality. She can be reached at firstname.lastname@example.org.
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